Indian Paint sector is broadly classified into two main segments mainly – Decorative and Industrial. Decorative paints include exterior wall paints, interior wall paints, wood finishes, enamel and ancillary products such as primers, putties, etc. while Industrial paints include automotive coatings, powder coatings and protective coatings. The Decorative segment accounts for the majority of the Paint Industry’s value which is around 75% and the Industrial segment accounts for the rest 25%. Of the two segments, the industrial paints segment mainly comprises organised players whereas the decorative paints segment involves unorganised players too as the decorative paints segment is not significantly dependent on technology.
The Indian paint industry has been witnessing a gradual shift in the preferences of people from the traditional whitewash to high quality paints like emulsions and enamel paints, which is providing the basic stability for growth of Indian paint industry.
Besides, it is creating a strong competitive market, where players are utilizing different strategies to tap the growing demand in the market for a larger share.
Moreover, rise in disposable income of the average middle class coupled with increasing investment on education; urbanization; development of the rural market; and various launches of many innovative products, like friendly, odour free, and dust & water resistant paints, are major drivers that are propelling the growth of the paint market in India.
As per the report finding, decorative paints has the maximum demand. Thus in the report a thorough study has been done on this segment, which has been segmented by application, by product class, by technology, by demand, by composition, by region and by tier cities. The report also discusses in detail the emulsion, enamel and distemper in decorative paint markets by value, volume, types, tier cities, etc.; along with analysis of raw material and roadblocks of the industry.
Vendors are engaging in the R&D of UV-curable coatings to offer scratch resistance properties, particularly, to be deployed by automotive OEMs. In addition, regulatory agencies including EPA and China’s Ministry of Environmental Protection have started implementing stringent regulations to address the harmful effects of volatile organic compound products. These regulations are compelling manufacturers to develop UV-curable and waterborne coatings from eco-friendly and natural ingredients. Furthermore, the demand for UV-curable coatings is also likely to surge from the automotive, industrial, general metal, and flooring applications due to their durability, versatility, appearance, and superior weather-resistance. Thus, growing adoption of UV-curable coatings will positively impact the paints and coatings market during the forecast period
Increasing focus on bio-based and eco-friendly products, rising implementation of solar reflective coatings, and surging demand from the rapidly growing marine and construction industry are some other factors that are expected to boost the paints and coatings market during the forecast period”, says a senior analyst at Technavio.
The Indian paint industry is currently valued at Rs 50,000 crore. Globally, the paints and coating market size is expected to reach USD 236.11 billion, exhibiting a CAGR of 6.2%. However, these estimates might change owing to the fast-spreading pandemic.
Several industries such as travel and hospitality have taken a serious hit as consumers are staying home to stay safe. However, the overall industry sentiment remains optimistic as brands are looking forward to emerging victoriously after the pandemic.
This is especially true for the paints industry, which is maintaining a positive outlook in the wake of the outbreak. While demand for paint has dropped in the current scenario, brands are expecting growth in the latter half of the year.
How the paint industry is coping in the current scenario
While the future holds great opportunities for the paint industry, the fact remains that supply chains are currently disrupted and production has been put on hold for several brands. However, even in this situation, several leading brands are coming to the fore and taking steps to contribute towards the fight against this pandemic. For instance, paint manufacturers are donating paint to ensure the safety of quarantine rooms for COVID-19 patients.
For now, brands have directed their employees to work from home and have curtailed all work-related travel. They are managing their inventory, customer orders and in-transit shipments to make sure that they are ready to resume business in full swing once normalcy is restored. Also, many brands have decided to provide a small relief fund to our registered painters and shop floor executives in need to help them manage their day-to-day expenses during this crisis.
The paint industry contributes to a significant percentage of the country’s economy which makes it crucial to ensure that business resumes in a controlled manner after the pandemic. For example, manufacturing plants can be reopened with limited number of workers being allowed into the premises. Brands should also ensure that there is proper hygiene protocol and social distancing being followed once factories reopen and operations resume.
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